SEC News Digest

Commission Announcements

Commission Meetings

Closed Meeting on Saturday, May 12, 2012 at 11:00 a.m.

The subject matter of the May 12, 2012 Closed Meeting was: an examination of a financial institution.

Closed Meeting on Tuesday, May 15, 2012 at 2:00 p.m.

The subject matter of the May 15, 2012 Closed Meeting was: an examination of a financial institution.

At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact the Office of the Secretary at (202) 551-5400.

ENFORCEMENT PROCEEDINGS

Commission Revokes Registrations of Securities of Vineyard National Bancorp For Failure to Make Required Periodic Filings

On May 15, 2012, the Commission instituted a settled proceeding pursuant to Section 12(j) of the Securities Exchange Act of 1934 (Exchange Act) revoking the registration of each class of registered securities of Vineyard National Bancorp (Vineyard National) (stock symbols VNBCQ and VNBAQ) for failure to make required periodic filings with the Commission.

Without admitting or denying the findings of the order, except as to jurisdiction, which it admitted, Vineyard National consented to the entry of an Order Instituting Proceedings, Making Findings, and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 finding that it had failed to comply with Section 13(a) of the Exchange Act and Rules 13a-1 and 13a-13 thereunder and revoking the registration of each class of Vineyard National’s securities pursuant to Section 12(j) of the Exchange Act.

Brokers and dealers should be alert to the fact that Exchange Act Section 12(j) provides, in pertinent part, as follows:

No member of a national securities exchange, broker, or dealer shall make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked . . . .

In the Matter of Liege Holding, Inc.

An Administrative Law Judge has issued an Order Making Findings and Revoking Registration by Default as to Liege Holding, Inc. (Liege Holding), (Default Order) in Jetborne International, Inc., Admin. Proc. No. 3-14809. The Order Instituting Proceedings alleges that Liege Holding repeatedly failed to file timely periodic reports while its securities were registered with the Securities and Exchange Commission (Commission). The Default Order finds these allegations to be true and revokes the registration of each class of registered securities of Liege Holding pursuant to Section 12(j) of the Securities Exchange Act of 1934 (Exchange Act).

In the Matter of Edward J. Marino

The Securities and Exchange Commission announced today that Edward J. Marino of Boston, Massachusetts, the former chief executive officer of Connecticut-based Presstek, Inc., has agreed to settle previously-filed charges that he aided and abetted Presstek’s violations of Section 13(a) of the Securities Exchange Act of 1934 (“Exchange Act”) and Regulation FD promulgated thereunder. Regulation FD generally prohibits public companies from selectively disclosing material non-public information to certain investors without simultaneously disclosing it to all investors. Among other things, Marino has agreed to pay a $50,000 civil penalty.

On March 9, 2010, the Commission filed a civil injunctive action against Marino and Presstek, a manufacturer and distributor of high-technology digital imaging equipment. The Commission's complaint alleged that on September 28, 2006, while acting on behalf of Presstek, Marino selectively disclosed material non-public information regarding Presstek's financial performance during the third quarter of 2006 to a partner of a registered investment adviser. According to the complaint, within minutes of receiving the information from Marino, the partner decided to sell all of the shares of Presstek stock managed by the investment adviser. The complaint alleged that Presstek violated Section 13(a) of the Exchange Act and Regulation FD when it did not simultaneously disclose to the public the information provided by Marino to the partner, and that Marino aided and abetted those violations.

Without admitting or denying the Commission’s allegations, Marino has consented to the entry of a civil judgment requiring him to pay a $50,000 civil penalty. The civil judgment is subject to approval of the U.S. District Court for the District of Massachusetts. Marino also consented to the issuance of an administrative order making findings that he caused Presstek’s violations and ordering him to cease and desist from committing or causing any violations and any future violations of Section 13(a) of the Exchange Act and Regulation FD.

At the time the case was originally filed in March 2010, Presstek agreed to settle the Commission's charges by consenting to a judgment that enjoins Presstek from further violations of Section 13(a) of the Exchange Act and Regulation FD and ordered it to pay a $400,000 civil penalty.

In the Matter of John Jantzen

On May 15, 2012, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 (Order) against John Jantzen. The Division of Enforcement alleges that Jantzen engaged in illegal insider trading in the securities of Perot Systems Corp. (Perot Systems) in the days surrounding the September 21, 2009 public announcement that Dell Inc. (Dell) would acquire Perot Systems through a tender offer transaction. Specifically, the complaint alleged that Jantzen’s wife became aware of the pending transaction in the course of her duties as a Dell employee, and in breach of her duty to keep the information confidential, tipped Jantzen. The complaint alleged that on September 18, 2009, the last trading day before the public announcement of the tender offer, Jantzen purchased 500 shares of Perot Systems common stock and 24 Perot Systems call option contracts in the couples’ joint brokerage account while in possession of material, nonpublic information related to the acquisition. The complaint alleged that following the public announcement, Perot Systems’ stock price immediately increased, closing at $29.56, up $11.65 (approximately 65%) from the prior trading day’s close of $17.91. The complaint further alleged that immediately following the public announcement and resulting increase in the price of Perot System shares, Jantzen liquidated his entire position in Perot Systems stock and call options, realizing net trading profits of $26,813.58.

A hearing will be scheduled before an Administrative Law Judge to determine whether the allegations contained in the Order are true, and to provide the Respondents an opportunity to dispute these allegations, and to determine what, if any, remedial sanctions are appropriate and in the public interest.

The Order requires the Administrative Law Judge to issue an initial decision no later than 210 days from the date of service of this Order, pursuant to Rule 360(a)(2) of the Commission's Rules of Practice. (Rel. 34-66991; File No. 3-14880)

SELF-REGULATORY ORGANIZATIONS

Notice of Filing and Order Approving and Declaring Effective an Amendment to the Plan for the Allocation of Regulatory Responsibilities Pursuant to Rule 17d-2 Concerning Options Related Sales Practice Matters

Immediate Effectiveness of Proposed Rule Changes

A proposed rule change filed by BOX Options Exchange LLC (SR-BOX-2012-002) to adopt the Fee Schedule for trading on BOX has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of May 14. (Rel. 34-66979)

A proposed rule change filed by the BOX Options Exchange, LLC to update rules based on the Boston Options Exchange Group, LLC (“BOX Group”) rules and recent BOX Group rule filings (SR-BOX-2012-001) has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of May 14. (Rel. 34-66982)

A proposed rule change (SR-Phlx-2012-61) filed by NASDAQ OMX PHLX LLC, relating to Rebates and Fees for Adding and Removing Liquidity in Select Symbols and Equity Options Fees has become effective pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is expected in the Federal Register during the week of May 14. (Rel. 34-66985)

Designation of Longer Period for Commission Action on Proceedings to Determine Whether to Disapprove Proposed Rule Changes

The Commission has designated a longer period for Commission action under Section 19(b)(2) of the Securities Exchange Act of 1934 on proceedings to determine whether to disapprove proposed rule changes (SR-NYSE-2011-56 and SR-NYSEAmex-2011-86) filed by the New York Stock Exchange LLC and NYSE Amex LLC to codify certain traditional trading floor functions that may be performed by designated market makers. Publication is expected in the Federal Register during the week of May 14. (Rel. 34-66981)

Proposed Rule Changes

Pursuant to Rule 19b-4 of the Securities Exchange Act of 1934, NASDAQ OMX BX, Inc. (“BX”) has filed with the Securities and Exchange Commission a proposed rule change, as modified by Amendment No. 1, (SR-BX-2012-030) to establish a new options market, NASDAQ OMX BX Options. Publication is expected in the Federal Register during the week of May 14. (Rel. 34-66983)

NYSE Amex LLC has filed a proposed rule change (SR-NYSEAmex-2012-29) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder amending commentary .07 to NYSE Amex Options Rule 904 to eliminate position limits for options on the SPDR® S&P 500® exchange-traded fund which list and trade under the symbol SPY. Publication is expected in the Federal Register during the week of May 14. (Rel. 34-66984)

SECURITIES ACT REGISTRATIONS

The following registration statements have been filed with the SEC under the Securities Act of 1933. The reported information appears as follows: Form, Name, Address and Phone Number (if available) of the issuer of the security; Title and the number and/or face amount of the securities being offered; Name of the managing underwriter or depositor (if applicable); File number and date filed; Assigned Branch; and a designation if the statement is a New Issue.

Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics

5.06

Change in Shell Company Status

6.01

ABS Informational and Computational Material.

6.02

Change of Servicer or Trustee.

6.03

Change in Credit Enhancement or Other External Support.

6.04

Failure to Make a Required Distribution.

6.05

Securities Act Updating Disclosure.

7.01

Regulation FD Disclosure

8.01

Other Events

9.01

Financial Statements and Exhibits

8-K reports may be viewed in person in the Commission's Public Reference Branch at 100 F Street, N.E., Washington, D.C. To obtain paper copies, please refer to information on the Commission's Web site at http://www.sec.gov/answers/publicdocs.htm. In most cases, you can view and download this information by using the search function located at http://www.sec.gov/edgar/searchedgar/companysearch.html.